A deal between gambling giant Star Entertainment and its partners in Brisbane's Queen's Wharf top casino tournaments Australia still faces regulatory hurdles and has left employees with questions about their future at the embattled precinct. Shares edge higher; banks lift; Star’s sharemarket return; ANZ tips 40pc chance of recession; WiseTech’s board update; two MinRes directors exit. Webjet shares have been sold down sharply after an update to the market. This is expected to lead to full year underlying EBITDA of $330 million to $360 million. This is based on the assumption that market conditions and the regulatory environment do not materially change.
The Queensland Government has deferred the final decision on this until June this year. Star further advised it expects to be sitting on a cash balance of just $79 million when it reports its half-year results next month, down from $149 million at the end of September 2024. Red screens spark fear, but the bigger picture and history tells investors to look beyond the moment. A win would put directors on notice that risk governance is a serious matter and they need to do more to earn their substantial fees. However, Chant West senior investment research manager Mano Mohankumar says most funds delivered returns to their members that beat widely accepted benchmarks. Grattan's modelling shows that Australians who draw down their super at the minimum rate when they retire will leave the equivalent of 65 per cent of their original super balance unspent by the age of 92. It found that half of those using account-based pensions draw their super down at the legislated minimum rate.
There remains a large amount of uncertainty surrounding the future of Star’s earnings recovery. The pending AUSTRAC fine, eventual outcome of its casino license and a probable capital raise in the coming months all weigh heavy on its future performance. Investors have been selling down the Star Gold Coast casino player score share price on Monday after the company released a very disappointing earnings and guidance update. Not only will you then get your free rounds, making unforgettable memories that you will remember forever is the heart of entertainment at Wynn Las Vegas and Encore.
This means Star Entertainment will have to pay back the $10 million it received from the JV partners by next Wednesday. Star Entertainment has announced that the deal to sell its 50% stake in Queen's Wharf, plus other assets in Brisbane, is now off. "Our consistent position is that any future structure House of Jack secure payments Star Brisbane should prioritise the job security of workers, which will give stability to the casino, the workers and their families." "The latest news once again increases uncertainty for members. We're seeking further information from the company about this announcement," he said. "For Star, the Queen's Wharf sale is a strategic retreat from what has become a financial quagmire, with development costs blowing out by more than $1 billion," he said.
But the collapse in revenue suggests the casino operator’s business model was inherently reliant on money-laundering. Strip that out, and what remains is a business that will likely not survive without a white knight. Its shares rallied (13.6%) after the casino operator confirmed it had received bids to buy out its stake in Brisbane's Queen's Wharf development, as it warned of "material uncertainty" about its future prospects. The collapse in earnings since fiscal 2024 has indicated Star might not have sufficient liquidity to stay afloat amidst near-term earnings headwinds, the AUSTRAC fine and equity contributions to redevelopment.
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